By Cristal Cody
Tupelo, Miss., March 15 - Halcyon Loan Advisors Funding 2013-1 Ltd. / Halcyon Loan Advisors Funding 2013-1 LLC sold $514.3 million in seven tranches of senior secured and subordinated notes due April 15, 2025 for a collateralized loan obligation offering, a market source said.
Halcyon Loan Advisors priced $325 million of class A-1 senior secured floating-rate notes (/AAA/) at Libor plus 115 basis points; $34 million of class A-2A senior secured floating-rate notes (/AA/) at Libor plus 185 bps; $22.8 million of class A-2B 3.515% senior secured fixed-rate notes (/AA/); $34.6 million of class B secured deferrable floating-rate notes (/A/) at Libor plus 290 bps; $25 million of class C secured deferrable floating-rate notes (/BBB/) at Libor plus 350 bps; $21.5 million of class D secured deferrable floating-rate notes (/BB/) at Libor plus 475 bps; and $51.4 million of subordinated notes.
Citigroup Global Markets Inc. was the arranger.
Halcyon Loan Advisors 2013-1 LLC is the collateral manager.
The notes are collateralized by a revolving pool that consists primarily of broadly syndicated senior secured loans.
The notes may be redeemed after a two-year non-callable period in whole but not in part on any payment date at the direction of more than 50% of the subordinated notes.
Halcyon Loan Advisors is a managed cash flow CLO.
| Issuer: | Halcyon Loan Advisors Funding 2013-1 Ltd./Halcyon Loan Advisors Funding 2013-1 LLC
|
| Amount: | $514.3 million
|
| Maturity: | April 15, 2025
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| Securities: | Notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Halcyon Loan Advisors 2013-1 LLC
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| Call feature: | March 28, 2015
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| Settlement date: | March 28
|
|
|
| Amount: | $325 million
|
| Securities: | Class A-1 senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Amount: | $34 million
|
| Securities: | Class A-2A senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Amount: | $22.8 million
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| Securities: | Class A-2B senior secured fixed-rate notes
|
| Coupon: | 3.515%
|
| Rating: | Standard & Poor's: AA
|
|
|
| Amount: | $34.6 million
|
| Securities: | Class B secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Amount: | $25 million
|
| Securities: | Class C secured deferrable floating-rate notes
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| Coupon: | Libor plus 350 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Amount: | $21.5 million
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| Securities: | Class D secured deferrable floating-rate notes
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| Coupon: | Libor plus 475 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Amount: | $51.4 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
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